Common use of Continuing Security Etc Clause in Contracts

Continuing Security Etc. Each of the Sponsors declares and agrees that: (i) this Deed of Guarantee and Undertaking shall be held by the Security Agent as a continuing security and shall not be satisfied by any intermediate payment or satisfaction of any part of the moneys and liabilities hereby agreed to be paid or performed and shall remain in full force and effect until the moneys and liabilities hereby agreed to be paid or performed have been unconditionally and irrevocably paid and discharged in full to the satisfaction of the Security Agent; (ii) it has not received any security from the Borrower or from any other persons for the giving of this Deed of Guarantee and Undertaking and it will not take any such security without the prior written consent of the Security Agent, and the Sponsors will hold any security taken in breach of this provision in trust for the Security Agent; (iii) the Security Agent shall not be bound to enforce any guarantee or security or proceed or take any other steps against the Borrower or any other person before enforcing this Deed of Guarantee and Undertaking; and (iv) this Deed of Guarantee and Undertaking shall be in addition to, and not in substitution for, any other rights which the Secured Parties may now or hereafter have under or by virtue of any guarantee, security, encumbrance or agreement or any lien or by operation of law or under any collateral or other security now or hereafter held by the Security Agent or to which the Security Agent may be entitled.